In January the Chinese Government notified the world that a new virus known today as COVID-19 was spreading from human to human. Since that time, Coronavirus has spread throughout the world and hundreds of thousands of people have been infected by it.

As well as the thousands of deaths – the majority affecting the elderly or those with underlying health conditions – financial markets have also come under pressure as well as the wider UK economy.

The UK Government announced new measures to contain the spread of the virus with the overall aim of helping the NHS to cope with demand. There is no set timescale on the lockdown and this unprecedented set of circumstances have, and are likely to continue to, significantly disrupt normal ways of life and businesses whilst the UK Government try to contain this pandemic.

We appreciate this is an extremely difficult time for businesses and at GPS Insurance Brokers we want to provide help as much as possible during this difficult time.

The financial impact long-term remains unknown and given the ongoing uncertainty, we suggest the following practical steps:

Keep an accurate record of financial records in case the UK Government introduces an initiative to recompense or support.

  • Contact your local MP to request that, given the uncertainty surrounding insurance coverage, UK Government takes action to support UK businesses.
  • Ensure you adhere to all Government guidance regarding the health & safety of employees.
  • Update us on any changes to your business e.g. any changes to products being manufactured or sold, territories sold to, or the occupation of any premises or property. These are all examples of material facts that need to be disclosed to Insurers.
  • Similarly, please remember to continue to adhere to all policy terms and conditions such as Security Conditions. These are exceptional circumstances with people being asked to work from home where possible at very short notice, leaving many commercial properties and offices temporarily closed. Please check with your account manager to ensure your commercial property policy is correctly adjusted to reflect unoccupancy if vacant. Buildings, whether temporarily closed or permanently unoccupied can be at greater risk from theft, escape of water, arson or vandalism.
  • Please also note that not all policies will automatically cover business equipment taken home from the main business premises although some insurers have extended cover to provide the same level of protection so that you can carry on normal business activity at the homes of employees. Again – this is worth checking with us.

Rest assured, it’s business as usual here, should you need to contact us with any insurance related questions please contact the team:

Gary Philip 020 3907 7866   gp@gpsib.com

Jean Somers 020 3907 7867   js@gpsib.com

Steven Barron 020 3907 7868   sb@gpsib.com

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